What is the 2024 conforming loan limit for a single-family home in most areas of the United States?
Correct Answer
B) $766,550
The Federal Housing Finance Agency (FHFA) sets conforming loan limits annually. For 2024, the baseline conforming loan limit for single-family homes in most areas is $766,550. This limit applies to loans that can be purchased by Fannie Mae and Freddie Mac.
Why This Is the Correct Answer
The Federal Housing Finance Agency (FHFA) sets conforming loan limits annually. For 2024, the baseline conforming loan limit for single-family homes in most areas is $766,550. This limit applies to loans that can be purchased by Fannie Mae and Freddie Mac.
More Mortgage Knowledge Questions
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A borrower asks about the difference between discount points and origination fees. What is the most accurate explanation?
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